BeneCard PBF's Statement on the Administration's Recent Speech That Included Comments on Prescription Drug Pricing

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Benecard PBF Provides Statement on the Administration's Speech on Prescription Drug Pricing

At BeneCard PBF, we believe that the current state of prescription drug pricing places an unsustainable burden on patients, plan sponsors and the American healthcare system. While the President’s plan to address the complex drug market may lay the groundwork for a much-needed change, it must address mergers and acquisitions, which reduce competition and choice.

The PBM industry must evolve, of its own volition, to treat patients as individuals, not profit centers. Healthcare is the third leading cause of death in the U.S. and adverse drug reactions are a main driver of hospitalizations, straining medical plans and families alike. The overprescribing of unnecessary and ineffective medications based on profit and rebate arrangements must stop.

In addition to addressing price negotiations and today’s rebate structure, the industry must also embrace transparency, pass through discounts, pay-for-performance programs, and work to improve patient access. The latest mergers and acquisitions are product driven when the market instead should be focused on service and ensuring optimal patient health outcomes. Our primary goal should be to support them while helping ensure the most effective medications are administered at the lowest net costs, rather than perpetuating a system that centers on corporate profits and shareholder dividends.

At BeneCard, we believe in free market economics, but only when patients are the priority. This requires thinking strategically to provide care for those with chronic diseases who need individualized support. By placing pharmacists at the center of care coordination in partnership with primary care physicians, we can achieve better health outcomes at a lower net cost. This can be accomplished through innovative clinical programs, such as pharmacogenetics and functional medicine, and by ensuring that doctors know all the medications their patients are taking, regardless of whether a specialist or another practitioner prescribes them.

Banning the pharmacist gag rule supports this model by allowing pharmacists to provide patients with real insight into how they can save money without sacrificing quality of care. Patients with insurance should never be required to pay more than the cost of the medication. It is critical that the PBM industry give patients access to all the information they need to make educated and intelligent decisions regarding their healthcare.

It is necessary to rein in drug prices that are spiraling out of control no matter how long or arduous the process. As a PBM committed to ethics, full disclosure and clinical excellence, BeneCard PBF knows from experience that we can reduce spending on prescription medications by ensuring proper and safe utilization. This eliminates the excessive waste and mismanagement that occurs in America’s healthcare system today. By increasing transparency and eliminating traditional PBM incentives to process claims, we’ve consistently delivered a book of business trend that is less than half that reported by industry experts.

PBMs should be in the business of providing healthcare and supporting members in their search for better health. Change must begin immediately to safeguard patients and eliminate conflicts of interest.

About BeneCard PBF
While prescription drug costs continue to rise at a rate of 30 to 40% higher than medical rates, primarily due to specialty drugs, BeneCard PBF’s clinically focused, ethical and purely transparent approach to pharmacy benefits management continues to reduce costs for plan sponsors. A 2017 trend of 0.83% further validates the business model that BeneCard PBF has pioneered in the PBM space. Through proactive clinical programs, including pharmacogenetics and functional medicine, BeneCard PBF enhances patient outcomes while lowering prescription drug costs. With offices in Florida, Pennsylvania and New Jersey, BeneCard PBF administers fixed-rate and self-funded prescription benefit programs. The company offers innovative solutions to control costs while providing the highest quality service available in prescription benefit management. For more information, please visit benecardpbf.com.

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Christopher Rosica
Rosica Communications
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